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Zhongyuan Securities Chen Shanshan

The income declined slightly, and the performance growth was mainly due to the investment income from equity transfer. In the third quarter, the company achieved an operating revenue of 139 million yuan, up 0.32% year on year, and the revenue growth recovered from the first half of the year. However, the revenue growth in the first three quarters was still in a downward trend, mainly due to the high base of some scenic spots in the cableway business that accounted for the largest proportion of the company's revenue in the same period last year driven by external factors, As well as some scenic spots were affected by the weather during the reporting period, the growth of tourist flow in the scenic spots was under pressure, resulting in the unsatisfactory growth of income in the first three quarters. During the reporting period, the growth rate of the company's net profit reached 63.38%, which was mainly due to the investment income of 66.4287 million yuan from the transfer of 55% of the equity of Hainan Taling Tourism Development Co., Ltd. and 732700 yuan from the transfer of 49% of the equity of Hubei Jingchu Custom Culture Tourism Development Co., Ltd. during the reporting period.

The gross profit rate declined, and all three expenses increased. During the reporting period, the gross profit rate of the company was 52.65%, down 5.39 percentage points compared with the same period last year. The company's sales expense was 15.7909 million yuan, up 9.36% year on year, and the sales expense rate was 5.55%, up 0.6 percentage points year on year. The management expense was 53.1632 million yuan, up 24.01% year on year, and the management expense rate was 18.68%, up 4 percentage points year on year. The financial expense was 34.4245 million yuan, up 27.61% year on year, and the financial expense rate was 12.09%, up 2.85 percentage points year on year. Affected by the newly opened subsidiary in July 2011, the company's operating costs and administrative expenses increased year on year. At the same time, the expansion of the company's debt financing scale also led to a year-on-year increase in financial expenses.

During the expansion period, there is a large demand for funds, but new projects cannot yet contribute to profits. The company is currently in the period of expansion. It has several projects under development and has a large demand for funds. In addition, the newly opened projects are still in the cultivation period. Although the operating revenue has increased, the cost and expense have also increased significantly, and they cannot contribute to profits in the short term.

The rating of "overweight" is given for the first time. The growth rate of the company's scenic spots' operating income in 2012 was poor. In the short term, the company's performance will be smoothed by the income from equity transfer, while the company's long-term performance growth still depends on continuous external expansion and project value mining. It is estimated that the company's earnings per share in 2012 and 2013 will be 0.45 yuan and 0.39 yuan respectively, and the P/E ratio will be 29 times and 33 times respectively based on the closing price of 12.87 yuan on October 26, giving the investment rating of "increase in holdings" for the first time.

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